CPX Interactive, a digital advertising company, founded and led by Hofstra alumnus Michael Seiman, is partnering with Hofstra University to sponsor a student entrepreneurship competition that will award $50,000 for the best concept and business plan.

Mr. Seiman, who graduated in 2001, started CPX while he was still a student at Hofstra. Students from several disciplines have formed teams and submitted ideas for business plans, and their progress will be evaluated and monitored over the next six months. They will present final concepts and business plans in April 2013. The competition will be judged by a committee of Hofstra University faculty and administrators and CPX officials.

“Michael Seiman is both a Hofstra University alumnus and a Hofstra College Advisory Board member. His generous decision to have CPX Interactive make this donation represents a tremendous vote of confidence in our students and a significant contribution to enhancing their educational experience.” said Dr. Bernard Firestone, Dean of Hofstra College of Liberal Arts and Sciences.

Students have formed teams, which will be judged on an executive summary, a presentation and a proof of concept together with environmental impact statements and a projection of the likely market. Interim reports will be submitted to the judging committee on a monthly basis until the final presentations in April. After the judging takes place CPX may invest in some of the winning proposals.

“Entrepreneurship has always been the key to a thriving economy, leading to growing companies, employment and innovation.” said Dr. Simon Ben-Avi, Dean of College of Engineering and Applied Science. “In today’s sputtering economic climate, this kind of creativity is more necessary now than ever. We are delighted to host this competition and to hone our students’ skills as innovators and future leaders.”

Mr. Seiman explains his desire to sponsor the competition this way, “Growing up on Long Island and attending Hofstra University are both key elements that have helped make me what I am today. My own sense of entrepreneurship was honed by these experiences and it is truly my honor to be able to give back in this way. My hope is that this process kindles that same spirit in even a few future Hofstra Alums and empowers them to become successful entrepreneurs in their own rights.”